Whiting USA Trust I Announces Trust Quarterly Distribution

Dateline:

Public Company Information:

NYSE:

WHX

AUSTIN, Texas--(BUSINESS WIRE)--Whiting USA Trust I (NYSE: WHX) announced the fourth Trust distribution
in 2013, which relates to net profits generated during the third
quarterly payment period of 2013.

Unitholders of record on November 19, 2013 will receive a distribution
of $0.592105 per unit, which is payable on or before November 29, 2013.

Volumes, average sales prices and net profits for the quarterly payment
period were:

Sales volumes:

Oil (Bbl)(1)

178,020

Natural gas (Mcf)

661,928

Total (BOE)

288,341

Average sales prices:

Oil (per Bbl)

$

89.94

Natural gas (per Mcf)

$

3.71

Gross proceeds:

Oil sales(1)

$

16,010,367

Natural gas sales

2,456,151

Total gross proceeds

$

18,466,518

Costs:

Lease operating expenses

$

7,845,256

Production taxes

1,272,623

Realized gains on hedging settlements(2)

-

Total costs

$

9,117,879

Net profits

$

9,348,639

Percentage allocable to Trust’s Net Profits Interest

90

%

Total cash available for the Trust

$

8,413,775

Provision for estimated Trust expenses

(140,000

)

Montana state income taxes withheld

(64,891

)

Net cash proceeds available for distribution

$

8,208,884

Trust units outstanding

13,863,889

Cash distribution per Trust unit

$

0.592105

(1)

Oil includes natural gas liquids.

(2)

All costless collar hedge contracts terminated as of December 31,
2012 (which hedging effects extended through the quarterly payment
period covered by the February 2013 distribution to unitholders) and
no additional hedges are allowed to be placed on the Trust assets.
Consequently, for all distributions after February 2013, there will
be no cash settlement gains or losses on commodity derivatives, and
the Trust will have increased exposure to oil and natural gas price
volatility.

The net profits interest represents the right to receive 90% of the net
proceeds from Whiting Petroleum Corporation’s interests in certain
existing oil and natural gas producing properties located primarily in
the Rocky Mountains, Mid-Continent, Permian Basin and Gulf Coast regions
of the United States. The net profits interest will terminate when 9.11
MMBOE have been produced and sold from the underlying properties (which
amount is equivalent to 8.20 MMBOE attributable to the net profits
interest), and the Trust will soon thereafter wind up its affairs and
terminate, after which it will pay no further distributions. As
described in the Trust’s public filings, since the assets of the Trust
are depleting assets, a portion of each cash distribution paid on the
Trust units should be considered by investors as a return of capital,
with the remainder being considered as a return on investment, and
consequently the market price of the Trust units will decline to zero at
termination of the Trust.

As of September 30, 2013, on a cumulative accrual basis, 6.86 MMBOE
(84%) of the Trust’s total 8.20 MMBOE have been produced and sold. Based
on the Trust’s reserve report for the underlying properties as of
December 31, 2012, the 9.11 MMBOE of reserves (8.20 MMBOE to the 90% net
profits interest) are projected to be produced from the underlying
properties by June 30, 2015, which reflects expected year over year
decline rates ranging from approximately 9% to 13% between 2013 and
2015. However, the rate of future production cannot be predicted with
certainty, and 9.11 MMBOE (8.20 MMBOE to the 90% net profits interest)
may be produced before or after the currently projected date. In
addition, cash distributions to unitholders may decline at a faster rate
than the rate of production due to fixed and semi-variable costs
attributable to the underlying properties.

This press release contains forward-looking statements, including all
statements made in this press release other than statements of
historical fact. No assurances can be given that such statements will
prove to be correct. The announced distributable amount is based, in
part, on the amount of cash received or expected to be received by the
Trust from Whiting Petroleum Corporation pursuant to the net profits
interest with respect to the relevant quarterly period. Any differences
in actual cash receipts by the Trust could affect this distributable
amount. Other important factors that could cause actual results to
differ materially include expenses of the Trust, fluctuations in oil and
natural gas prices, uncertainty of estimates of oil and natural gas
reserves and production, risks inherent in the operation and production
of oil and gas properties, and future production costs. Statements made
in this press release are qualified by the cautionary statements made in
this press release. The Trustee does not intend, and assumes no
obligation, to update any of the statements included in this press
release.